Omrix Gets Acquired By J&J (OMRI, JNJ)
It looks as though not quite all the mergers are dead on the medical tech and biotechnology front. Johnson & Johnson (NYSE: JNJ) announced that it is acquiring Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI). The $438 million cash tender offer will…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
It looks as though not quite all the mergers are dead on the medical tech and biotechnology front. Johnson & Johnson (NYSE: JNJ) announced that it is acquiring Omrix Biopharmaceuticals, Inc. (NASDAQ: OMRI). The $438 million cash tender offer will pay $25.00 per share to Omrix holders.
Omrix is a fully integrated biopharmaceutical company that develops andmarkets biosurgical and immunotherapy products. It is expected tooperate as a stand-alone entity reporting through J&J’s ETHICON,Inc. unit, which is a provider of suture, mesh, hemostats and otherproducts for a wide range of surgical procedures.
The boards of directors of Johnson & Johnson and Omrix haveapproved the transaction. In addition, Robert Taub, Omrix’s Founder andChief Executive Officer, and entities controlled by Robert Taub, haveagreed to tender approximately 16% of Omrix’s outstanding shares in thetender offer. J&J sees an after tax charge of roughly $120 millionand expects this deal to close by the end of 2008.
Omrix closed at $21.16 on Friday, and its 52-week trading range is $8.99 to $38.18.
Jon C. Ogg
November 24, 2008
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
